Breakingviews - Capital Calls - Merger bankers are just warming up

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On Breakingviews: Global deal volume hit a record in the first quarter, nearly doubling year-on-year to about $1.3 trillion, according to Refinitiv. Bankers are just getting warmed up, says TheRealLSL in Capital Calls

Joey Chestnut poses after winning the Nathan's Famous Fourth of July International Hot Dog Eating Contest with a world record 75 hot dogs consumed in Brooklyn, in New York City, U.S., July 4, 2020. REUTERS/Andrew Kelly - RC2HMH90NNP9

NEW YORK - PRIMING THE STOMACH. When it comes to merger fees, 2021 is shaping up to be the banker equivalent of Nathan’s Famous Hot Dog Eating Contest. Global deal volume hit a record in the first quarter, nearly doubling year-on-year to about $1.3 trillion, according to Refinitiv. The total was the second largest since records began in 1980. Bankers are just getting warmed up.

Among the highlights, General Electric said it would merge its aircraft leasing unit with Ireland’s in a $34 billion transaction. Insurance company Chubb offered $23 billion for Hartford Financial Services. And special-purpose acquisition companies, essentially pots of cash, featured heavily, like BowX Acquisition’s deal to buy WeWork, valuing it at $9 billion.

Dealmaking shows no sign of slowing, and the next three months will surely blow away 2020’s abysmal second quarter. Still, some combinations push regulatory limits. Two North American railways announced a $25 billion deal, and Canadian mobile-phone rivals plan to merge. Watchdogs could make bankers choke on some of their proposals. Reuters Breakingviews is the world's leading source of agenda-setting financial insight.

 

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